Enforcement

US SEC Settles Luckin Coffee Fraud Charges for $180m

17/12/2020

Luckin materially misstated its revenue, expenses, and net operating loss to falsely appear to achieve rapid growth and increased profitability, the SEC said.

Capital / Liquidity

MAS Consults on Operational Risk Capital, Leverage Ratio Requirements

17/12/2020

MAS intends to implement the revised standards for operational risk capital and leverage ratio requirements from 1 January 2023.

Securities / Derivatives

Euroclear Bank, Japan Launch New Asset Class: ‘Origami Bonds’

17/12/2020

Japanese cities Kobe and Yokohama as well as Shizuoka Prefecture were the first three issuers to utilise the new Origami bond structure.

AML / KYC

Korea’s FIU Upgrades AML System to Boost Processing Capacity

17/12/2020

The upgraded AML system has increased KoFIU’s processing capacity by about five times, helping it address an increasing number of suspicious transaction reports it receives.

Fintech / Regtech

Australia’s Domestic Payment Organisations Propose to Amalgamate

17/12/2020

Australia’s eftpos, BPAY Group and NPPA will be preserved as distinct operations under a single Board with a shared roadmap for innovation and investment.

Fintech / Regtech

Taiwan FSC Cautions New Digital Banks Against Price Wars

17/12/2020

Taiwan’s new digital-only banks should offer innovative products and services instead of resorting to pricing competitions to attract clients, says FSC Chairman Thomas Huang.

Securities / Derivatives

Fast Growing NBFI Sector Presents Financial Stability Risk: FSB

17/12/2020

NBFI that poses financial stability risk grew by 11.1% in 2019, at a faster pace than the average 7.1% annual growth rate from 2013-18.

Capital / Liquidity

HKMA Consults on Implementation of Revised CVA Risk Framework

17/12/2020

The revised CVA risk capital framework is likely to have significant impacts on banks, particularly for those with material CVA risk exposures, the HKMA says.

Capital / Liquidity

ECB Eases Restrictions on Bank Dividends, Share Buybacks

17/12/2020

A continued prudent approach remains necessary until 30 September 2021, given the persisting economic uncertainty, the ECB says.